The team comprised Tapio Saavalainen (head), Ron van Rooden (both MCD), Taimur Baig (FAD), and Carlos Leite (PDR).
In addition, indicative targets were set for the net domestic assets of the banking sector (SBA only), federal tax revenues (SBA only), and social- and poverty-related expenditures. Halfway during the PRGF arrangement, the quantitative conditionality related to WAPDA was replaced by indicative targets for the accrual balance of WAPDA and the Karachi Electric Supply Corporation (KESC).
Fund-wide averages for GRA- and PRGF-supported programs were obtained from the report on the “Review of the 2002 Conditionality Guidelines” (refer to www.imf.org).
Fund-wide average waiver rates for quantitative performance criteria were 11 percent and 16 percent for GRA- and PRGF-supported programs, respectively, during 2001–03, compared to a waiver rate of 10 percent during Pakistan’s SBA and 4 percent on average during its PRGF arrangement. For structural performance criteria, the Fund-wide average waiver rates for GRA- and PRGF-supported programs during 2001–03 were 50 percent and 42 percent, respectively, compared to a waiver rate of 25 percent during Pakistan’s SBA and 45 percent during its PRGF-supported programs.
A part of the increase in recorded remittances represented a shift into formal channels as a result of the economic reforms.
Measures that can hardly be deemed macrorelevant and critical to the success of the program included, inter alia, the adoption of a plan to improve national accounts; implementation of an orderly process to resolve a dispute between two energy companies; elimination of nostro limits on banks’ foreign exchange holdings with correspondent banks; and the publication of quarterly fiscal reports.
The term “homegrown” had never been used before.
The base year for the REER index was chosen 2003 when the external trade was broadly balanced.
The other large access members were Democratic Republic of Congo, Honduras, Djibouti, and Sierra Leone.
In the accompanying figure, the first data observation on each program/review line is the point estimate for the preceding (pre-program) period. Thus, the starting point for the 2000 SBA (November 2000–September 2001) is the 1999/2000 preliminary estimate; the starting point for the 2001 PRGF (October 2001–September 2004) is the 2000/01 preliminary estimate; and the starting point for the fourth review of the PRGF (incorporating data available at November 2002) is the 2001/02 preliminary estimate. Therefore, the program projections start with the second data point in each program/review line, and a starting point, which is off the “actual” line, indicates subsequent revisions to the most recent data on which the program projections were based.